RIL, GE spot $25 bn IOT opportunity

Reliance Industries has made a deep dive into the emerging and evolving universe of Internet of Things, tying up with US-based major GE for a global partnership to drive digital transformation in the industrial world. The pact, signed between Jeff Immelt, chairman and CEO of GE and Mukesh Ambani, head of the Reliance Industries, will trigger the development of application on the GE’s cutting-edge Predix platform, considered to be the operating system for Industrial Internet of Things (IIOT).This opens up an addressable market worth over $25 billion globally in areas like oil & gas, fertiliser, power, healthcare, telecom and other industries even agriculture, Reliance said in a statement.

GE’s Predix platform is now powering digital industrial businesses that drive the global economy by connecting industrial equipment, analysing data, and delivering real-time insights.

Predix-based apps are unleashing new levels of performance of both GE and non-GE assets with more than 19,000 developers building on Predix today after GE opened the platform to global customers earlier this year.

GE will provide its Predix cloud offering, IIOT and data science expertise while RIL will develop solutions on Predix as an independent software vendor, bringing to the table over 30 years of data, process and operational expertise.
RIL will also offer nationwide connectivity infrastructure to customers through a 4G network powered by its telecom firm Jio. “India’s potential in driving the migration to digital is well appreciated. The partnership with Reliance Industries will shape the future of the industrial internet not just in India but globally. The possibilities that it opens to develop solutions on our Predix platform for the industrial sector are endless,” said Immelt.

Earlier in September, GenNext Ventures, a venture capital fund backed by Reliance and US-based technology firm Ecorithm specialising in IoT signed an agreement to bring into India cutting-edge software technologies that analyse complex, dynamic systems through physics-based pattern recognition.

“India needs to rapidly move to the next level of smart manufacturing,” Mukesh Ambani said.

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